EUR/USD Mid-Day Outlook

Daily Pivots: (S1) 1.0767; (P) 1.0794; (R1) 1.0810; More…

EUR/USD is staying in consolidation from 1.0777 temporary low an intraday bias remains neutral. Upside of recovery should be limited well below 1.0992 support turned resistance. On the downside, break of 1.0777 will resume recent down trend.

In the bigger picture, down trend from 1.2555 (2018 high) has just resumed and prior rejection by 55 week EMA affirms medium term bearishness. Sustained break of 78.6% retracement of 1.0339 (2017 low) to 1.2555 at 1.0813 will pave the way to retest 1.0339 low. For now, outlook will remain bearish as long as 1.1239 resistance holds, in case of strong rebound.